To curtail speculations and facilitate prompt assistance to genuine foreign exchange (FOREX) customers, the Central Bank of Nigeria (CBN) has directed banks to henceforth ensure that all applications for Basic/Personal Travel Allowance (BTA/PTA) are processed within 24 hours, while Medical and tuitions should be concluded within 48 hours of such applications.
The CBN further directed banks to open foreign exchange outlets in all leadership locations warning that any breach of this directive would be visited with severe sanctions.
In a circular issued, the apex Bank further directed all banks and authorized dealers to put up electronic display boards in all their branches, showing the rates of all traded currencies.
The circular signed by the Director, Financial Markets Department, Dr. Alvan Ikoku further urged customers to insist on processing FX transactions based on the displayed rates.
